On March 9, 2015 the judicial settlement committee commenced resolving the long-stalled Marina West (Budaiya) project. Under the articles of Decree 66 of 2014 this committee was required to publish its solution in the Legal Gazette before March 9, 2016.
So, after three years and counting, when does the process of resolving the Marina West project stop being kicked around like a political football?
After all Marina West has realisable assets of BD53 million (GDN, December 2016); another BD17m from existing buyers when their apartments are completed (Marina West chief executive’s 2011 letter); ample sales and development potential including 83,000 sqm of unsold apartment space plus all of the site’s commercial outlets.
Marina West off-plan buyers have been informed officially that a solution will be announced in July 2018; many see this as another delaying tactic as July falls in the judiciary summer recess!
Why wait? All you need to resolve the Marina West issue is a quorum involving a commercial banker, a High Court judge (appointed March 2015), an accountant specialist (appointed February 2016) plus the new developer with a proven record of completing major real estates.
The meeting needs to be held in a secure room lacking toilet facilities, liquids, or refreshments; critically it would remain locked until the quorum had made its decision on completing Marina West.
Surely after three years’ deliberations, such a quorum could meet before the Ides of March 2018; otherwise at the current rate of progress Marina West could be in the running for yet another vision of 2030.